Wells Fargo and Citigroup announced Monday 14 December that they will be repaying their debts to the US government, which bailed them out a little over a year ago. They were included in Tarp (Troubled Asset Relief Program) following the collapse of Lehmann Brothers in 2008, with its subsequent chaos in financial markets. They are now the last banks to leave the programme, which forced banks to accept greater regulation in exchange for reduced risk.
Links to other sites: Financial Times, Reuters
Posted by Ellen Wallace on 15 December 2009 at 10:20 |
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This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.
News story, GenevaLunch, 15 December 2009.
Filed under: World news
Tags: bailout, Citigroup, paying back, TARP, US banks, Wells Fargo
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